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ES Support and Resistance for August 10


Today's levels.


The markets have spent much of the time since I first mentioned the titans, lower. At the close of trading yesterday, the titans added in July were up 7% since I first listed them; the ones added in August were down 1%. The companies added in July are Arctic Cat Inc. (ACAT), Carmike Cinemas Inc. (CKEC), Town Sports International Holdings Inc. (CLUB), Conns Inc. (CONN), DXP Enterprises, Inc. (DXPE), Fifth & Pacific Companies, Inc. (FNP), Myers Industries Inc. (MYE), and Susser Holdings Corporation (SUSS). The ones added for August are AEP Industries Inc. (AEPI), American Railcar Industries, Inc. (ARII), Drew Industries Inc. (DW), DXP Enterprises, Inc. (DXPE), Gruma S.A.B. de CV (GMK), GP Strategies Corp. (GPX), The Marcus Corporation (MCS), Multi-Fineline Electronix Inc. (MFLX), Nortek Inc. (NTK), and Grupo Simec S.A.B. de C.V. (SIM).

The E-mini S&P 500 Futures Contract (ES) opened a little below the previous close and trading around the level of the pivot. It quickly moved higher. As it approached R1, it paused. After finding R1 to be effective resistance, the ES moved down and began trading in the area of the pivot. The pivot held. The ES spent the rest of the day moving basically sideways between the pivot and R1.

The levels for today are:

R3 = 1414.5

R2 = 1407

R1 = 1403.75

Pivot = 1399.5

S1 = 1396.25

S2 = 1392

S3 = 1384.5

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